Accellent Inc 10-Q Quarterly Report November 2013

Third quarter 2013 net sales of $135.4 million increased 7.5% from $126.0 million in the third quarter of 2012. Net sales in our cardio & vascular business of $82.8 million increased 5.1% from $78.7 million for the same quarter last year. Net sales in our advanced surgical business of $52.7 million were 11.5% higher than $47.2 million for the third quarter of 2012.

Adjusted EBITDA in the third quarter of 2013 increased 8.6% to $30.6 million, or 22.6% of net sales, compared to Adjusted EBITDA of $28.2 million, or 22.3% of net sales, in the third quarter of 2012.

“Building on last quarter's momentum, we delivered strong results across our business with Q3 being another successful quarter,” stated Donald Spence, Chairman and CEO of Accellent. “Our third quarter results continue to demonstrate our ability to align our strategy with our customers' needs. We remain confident in our ability to deliver overall operational improvement and meaningful long term growth.”

Income from continuing operations was $20.9 million in the third quarter of 2013, compared with income from continuing operations of $16.2 million in the third quarter of 2012. Net income was $2.4 million in the third quarter of 2013 compared to a net loss of $6.5 million in the third quarter of 2012.

Nine Months Ended September 30, 2013 Financial Results

Net sales increased 2.8% to $387.0 million in the first nine months of 2013, compared with $376.5 million in the first nine months of 2012. Net sales in our cardio & vascular business of $239.4 million increased 2.0% from $234.6 million for the same period last year. Net sales in our advanced surgical business of $147.6 million were 4.0% higher than $141.9 million for the first nine months of 2012.

Adjusted EBITDA for the first nine months of 2013 increased 0.9% to $76.6 million, or 19.8% of net sales compared to Adjusted EBITDA of $75.9 million, or 20.2% of net sales in the first nine months of 2012.

Loss from continuing operations was $17.0 million in the first nine months of 2013, compared with income from continuing operations of $39.8 million in the first nine months of 2012. Net loss was $72.4 million in the first nine months of 2013 compared with a net loss of $19.1 million in the first nine months of 2012. The loss from continuing operations and net loss for the nine months ended September 30, 2013

The following information was filed by Accellent Inc on Thursday, November 7, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

CIK: 1342505
Form Type: 10-Q Quarterly Report
Accession Number: 0001445305-13-002847
Submitted to the SEC: Thu Nov 07 2013 5:42:07 PM EST
Accepted by the SEC: Fri Nov 08 2013
Period: Monday, September 30, 2013
Industry: Surgical And Medical Instruments And Apparatus